Life insurers' July new biz premiums rise 4% to Rs 13,854 cr

New business premiums of life insurance companies saw a 4 per cent rise to Rs 13,854.44 crore in July 2016 as against Rs 13,319.97-crore premium collected in the same month last year. State-run Life Insurance Corporation's (LIC) new business premium was the highest at Rs 10,737.92 crore, up 3 per cent from Rs 10,421 crore in July 2015, according to the data collected by sector regulator IRDAI. The Insurance Regulatory and Development Authority (IRDAI) data comprises a total of 24 firms including LIC -- country's largest life insurance company. New business generated by the remaining 23 companies rose by 7.5 per cent year-on-year to Rs 3,116.52 crore in July this year, against Rs 2,898.97 crore a year ago, the data showed.